Trueblue (TBI) Raised to Hold at Zacks Investment Research
According to Zacks, “TrueBlue, Inc. is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. “
Several other research analysts also recently commented on TBI. BMO Capital Markets reduced their price target on shares of Trueblue from $26.00 to $24.00 and set a market perform rating on the stock in a research note on Monday, February 11th. ValuEngine downgraded shares of Trueblue from a hold rating to a sell rating in a research note on Friday, March 1st. TheStreet raised shares of Trueblue from a c+ rating to a b- rating in a research note on Tuesday, April 16th. Finally, Robert W. Baird reduced their price target on shares of Trueblue from $27.00 to $26.00 and set a neutral rating on the stock in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating, Trueblue presently has a consensus rating of Hold and an average target price of $25.50.
Trueblue (NYSE:TBI) last released its earnings results on Monday, April 29th. The business services provider reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.03. The firm had revenue of $552.30 million during the quarter, compared to analyst estimates of $560.27 million. Trueblue had a net margin of 2.61% and a return on equity of 15.35%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the business earned $0.31 EPS. Research analysts forecast that Trueblue will post 2.28 EPS for the current year.
In related news, CFO Derrek Lane Gafford sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $24.16, for a total value of $966,400.00. Following the transaction, the chief financial officer now owns 108,758 shares of the company’s stock, valued at approximately $2,627,593.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO A. Patrick Beharelle sold 15,700 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $24.54, for a total transaction of $385,278.00. Following the completion of the transaction, the chief executive officer now directly owns 107,965 shares in the company, valued at approximately $2,649,461.10. The disclosure for this sale can be found here. Insiders sold a total of 90,700 shares of company stock worth $2,189,078 in the last ninety days. 2.00% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of TBI. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Trueblue by 42.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,738 shares of the business services provider’s stock valued at $61,000 after purchasing an additional 822 shares during the period. Quantamental Technologies LLC purchased a new position in Trueblue during the 4th quarter valued at about $71,000. Sterling Investment Advisors Ltd. increased its position in Trueblue by 100.0% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 4,000 shares of the business services provider’s stock valued at $95,000 after purchasing an additional 2,000 shares during the period. Bessemer Group Inc. purchased a new position in Trueblue during the 4th quarter valued at about $138,000. Finally, Meeder Asset Management Inc. increased its position in Trueblue by 1,301.5% during the 1st quarter. Meeder Asset Management Inc. now owns 6,517 shares of the business services provider’s stock valued at $154,000 after purchasing an additional 6,052 shares during the period. 96.23% of the stock is currently owned by institutional investors.
Trueblue Company Profile
TrueBlue, Inc provides contingent staffing, recruitment process outsourcing, and contingent staffing management services in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers a range of staffing solutions for blue-collar, contingent on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, general labor, and other industries under the Labor Ready, CLP Resources, and Spartan Staffing brands.
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